The Malawi Innovation Challenge Fund (Micf) has announced an initiative aimed at rescuing the country’s tourism sector by providing financial support to players affected by Covid-19.

The above follows after the Malawi Tourism Council (MTC) requested for incentives/relief packages to ease operations amidst the pandemic. According to a preliminary study by MTC in June, the tourism sector has lost about K40.5 billion in potential revenue since coronavirus cases were first registered in April.

Micf fund manager Navin Kumar said that after considering the negative impact the pandemic has had on businesses in the sector, the fund will contribute 30% of the total project value, Micf contribution will be between $200 000 (K148 million) and $300 000 (K222 million), with the grantee contributing at least 30 percent of the total project value. Firms, including hotel and accommodation providers, tour operators and eco-tourism providers wishing to apply for the window must, among others, be a private for-profit company with the idea implemented in Malawi and with a minimum turnover of $200 000 (K148 million). The projects will be expected to be completed within a maximum 30 months.